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Running Head: TRENDS IN MY INDUSTRYTrends in My IndustryUniversity of Maryland University College
Running head: TRENDS IN MY INDUSTRYFor any business or industry to be successful, they must recognize the trends affecting their growth and have strategies in place to meet these trends or combat the negative effects of any such trends. ‘Markettrendsare any significant changes that affect a market. “A pattern of gradual change in a condition, output, or process, or an average or general tendency of a series of data points to move in a certain direction over time, represented by a line or curve on a graph.” [bus]It is in the best interest of any business to strive to identify its market trends early so that they can plan better for changes that will derive from such. Preparation is key regardless of whether such trend will have a negative or positive impact as this will save time, costs and ultimately the success of the business. In the banking industry, these trends play a major role in future growth. As stated in the “2018 Banking Industry Outlook” by Deloitte, “banks must contend with multiple challenges tied to regulations, legacy systems, disruptive models and technologies, new competitors, and a restive customer base while pursuing new strategies for sustainable growth.” (-services/articles/banking-industry-outlook.html)Top Trends Affecting the Banking IndustryThe banking industry has several facets that are changing the future structure of this industry and are bound to define it in the near future. In this paper, some of the top trends that are affecting this industry have been identified as the following:a.Teller Less Banks and the Introduction of Bank Cafes– Due to digital technology which has made doing business and accessing bank information much more easy via smartphone or computers, the traffic has reduced considerably in banks and other financial institutions. “But about84%of banking customers still visit branches at
Running head: TRENDS IN MY INDUSTRYleast occasionally, according to a March 2016 Federal Reserve report. For example, you may want to talk to a rep in person to ask about retirement planning, sign mortgage papers or connect with someone about a financial decision.”[17Ja]In keeping up with the trends, banks and other financial institutions have decided to en beginning to see the implementation of bank cafes. These are like modern boutique lounge or coffee shops but with onsite and ready banking expert who can answer all questions and assist with all banking procedures. These cafes are not as intimidating as the traditional banks. They have